New Energy reports rise in year-on-year revenues

New Energy Systems Group, a manufacturer of lithium-ion batteries and back-up power systems, has announced that revenue for the three months ended 31 March 2010 was approximately $22.5m (£15.5m), compared with $2.6m for the three months ended 31 March 2009 – an increase of 753 per cent.

Gross profit was $6.4m, or 28.6 per cent of total revenue, compared with $713,380, or 27.1 per cent of total revenue, for first-quarter 2009, while operating income was $4.9m, compared with $594,194 for first-quarter 2009.

Net income was $3.8m, or $0.30 per diluted share, compared to net income of $504,282, or $0.09 per diluted share, for the three months ended 31 March 2009.